Consumers have stopped using their homes as personal piggy banks with cash-out refinancings falling to their lowest level ever in the third quarter, according to figures compiled by Freddie Mac.

The GSE said cash-out refis — where the loan balance rose by a minimum of 5% — fell to 18% of all refinancings in 3Q. Freddie has been tracking this data point since 1985.

The GSE blamed reduced home prices and tighter underwriting trends for the trend.

Meanwhile, mortgagors are continuing to engage in 'cash-in' refis. In 3Q10, roughly 33% of borrowers refinancing put money into the deal and paid down their loan amounts, the agencysaid.

The company said the 33% ratio is the second highest on record.

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